Untitled

Daily Telegraph (Napier), Issue 3775, 21 August 1883, Page 2

The third scries of the London wool sales commenced to-day, and probably tomorroAV we shall know by cablegram whether closing prices of the second series were maintained. Commenting- on this latter series, which closed on June 22, the New Zealand Loan and Mercantile Agency Company's circular has the following :— "There is no immediate prospect of a return to higher values, and although present low quotations have caused the foreign section of the trade to turn their attention to coarser wools, it must, not be forgotten that the area of competition for these growths is more circumscribed than that for finer sovts. Although with good reason preferred to' tho' descriptions of domestic wool, ooyts tiro to a certain extent affected by the'cina-ont values of the former. As tlic.se now stand lower than they have done for the last fifty years, and command approximately only one-third of fcho prices obtained ten years a"-o, it need not be a matter for sunrise that coarse colonial wools should fail under existing conditions to go readily into consumption except at prices which hold out but little inducement to stimulate production. The general maintenance of values of other descriptions has been no doubt supported by the favorable weather which

has prevailed during the past eight weeks. By this, too, have the prospects of tho coming harvest, both hero and on the Continent of Europe, been sensibly improved, and if this improvement continue y until tho gathering , in the harvest bo an accomplished fact, there is no doubt but that a material fillip will thereby be given to this country, m which there is even now a better tone observable. On the other hand, should any untoward event occur to mar the outtrnn of the coming harvest, any upward movemement in current values will unmistakably be arrested. The competition for superfine fleece wools, which during the first series was somewhat languid, improved throughout tho sales recently concluded. Considerable c]iscriminatioii continued to be shown iivthe purchase of lambs' wool. When of merino growth and free from fault full rates have been paid, but if at all coarse haired, inferior in growth or burry, no improvement in values was secured. Scoured wools, when in good condition, have sold readily, but faulty parcels have barely sustained previous rates. Subject to the observations made as to the outtrnn of the harvest, tho prospects of the third series aro fairly assured. It will commence on 21st August, and as all announced arrivals up to 4 ij.in. on that day will be available a full and varied supply m;iy be looked for.